Underneath The Hood We Find More Signs Of labour Market Weakness

The headline numbers for June Non-Farm Payrolls was weak, and under the hood, things aren’t so hot, either.

First, check out this table of average hourly earnings. Across the private sector, earnings actually fell to an average of $768/week from $771/week last month.

And that trend seems widespread across various industries.

Now look here at work weak, and you’ll see the same thing. The average work-week fell to 34.1 from 34.2, and again, the dip seems consistent across industries.

So, bottom line. Employers aren’t working their employees to the bone right now (which would imply more hiring to come).

For the full guide to June payrolls see here.

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